Highland Capital Management LLC bought a new position in Red Hat Inc (NYSE:RHT) during the third quarter, HoldingsChannel reports. The fund bought 2,500 shares of the open-source software company’s stock, valued at approximately $341,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RHT. Signature Financial Management Inc. lifted its holdings in shares of Red Hat by 132.3% during the second quarter. Signature Financial Management Inc. now owns 5,048 shares of the open-source software company’s stock valued at $678,000 after purchasing an additional 2,875 shares in the last quarter. Twin Capital Management Inc. bought a new position in shares of Red Hat during the second quarter valued at $1,956,000. Sigma Planning Corp lifted its holdings in shares of Red Hat by 424.0% during the second quarter. Sigma Planning Corp now owns 12,376 shares of the open-source software company’s stock valued at $1,663,000 after purchasing an additional 10,014 shares in the last quarter. Flagship Harbor Advisors LLC lifted its holdings in shares of Red Hat by 76.8% during the second quarter. Flagship Harbor Advisors LLC now owns 2,456 shares of the open-source software company’s stock valued at $330,000 after purchasing an additional 1,067 shares in the last quarter. Finally, Kiwi Wealth Investments Limited Partnership bought a new position in shares of Red Hat during the second quarter valued at $1,153,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.
RHT stock opened at $120.12 on Friday. Red Hat Inc has a fifty-two week low of $116.31 and a fifty-two week high of $177.70. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.23 and a current ratio of 1.23. The stock has a market capitalization of $21.97 billion, a price-to-earnings ratio of 52.23, a PEG ratio of 3.24 and a beta of 1.14.
Red Hat (NYSE:RHT) last posted its earnings results on Wednesday, September 19th. The open-source software company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.03. Red Hat had a return on equity of 31.80% and a net margin of 9.15%. The company had revenue of $822.75 million for the quarter, compared to the consensus estimate of $828.12 million. During the same quarter in the prior year, the company earned $0.77 earnings per share. Red Hat’s revenue was up 13.7% on a year-over-year basis. On average, equities analysts predict that Red Hat Inc will post 2.57 earnings per share for the current year.
In other news, CEO James M. Whitehurst sold 44,472 shares of the firm’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $142.56, for a total value of $6,339,928.32. Following the transaction, the chief executive officer now owns 445,557 shares of the company’s stock, valued at $63,518,605.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Delisa Alexander sold 960 shares of the firm’s stock in a transaction dated Wednesday, October 17th. The stock was sold at an average price of $125.03, for a total value of $120,028.80. Following the completion of the transaction, the executive vice president now directly owns 33,217 shares in the company, valued at approximately $4,153,121.51. The disclosure for this sale can be found here. In the last three months, insiders sold 48,103 shares of company stock worth $6,793,912. 0.58% of the stock is owned by corporate insiders.
RHT has been the topic of a number of research analyst reports. OTR Global downgraded Red Hat to a “positive” rating in a report on Thursday, September 13th. JPMorgan Chase & Co. downgraded Red Hat from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $160.00 to $150.00 in a report on Tuesday, September 18th. Jefferies Financial Group lowered their price target on Red Hat from $154.00 to $140.00 and set a “hold” rating on the stock in a report on Friday, September 21st. Royal Bank of Canada lowered their price target on Red Hat to $169.00 and set an “outperform” rating on the stock in a report on Monday, September 17th. Finally, KeyCorp lowered their price target on Red Hat from $184.00 to $180.00 and set an “overweight” rating on the stock in a report on Thursday, September 20th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. Red Hat currently has an average rating of “Buy” and a consensus price target of $156.07.
Red Hat Profile
Red Hat, Inc provides open source software solutions to develop and offer operating system, virtualization, management, middleware, cloud, mobile, and storage technologies to various enterprises worldwide. It offers infrastructure-related solutions, such as Red Hat Enterprise Linux, an operating system platform that runs on hardware for use in hybrid cloud environments; Red Hat Satellite, a system management offering that helps to deploy, scale, and manage in hybrid cloud environments; and Red Hat Enterprise Virtualization, a software solution that allows customers to utilize and manage a common hardware infrastructure to run multiple operating systems and applications.
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